ISLAMABAD (APP)– The Oil and Gas Development Company Limited’s (OGDCL) is effectively contributing to overcome energy shortage and the recent oil discovery in Khyber Pakhtun-khawa province would go a long way in this regard.

 The OGDCL Operator of Nashpa Exploration License, together with its Joint Venture partners Pakistan Petroleum Limited (PPL) and Government Holding Private Limited (GHPL) have discovered a new hydrocarbon bearing horizon from its appraisal well Nashpa 02, located in District Karak, Khyber Pakhtunkhwa.

 This discovery will add to the hydrocarbon reserves base of the company and joint venture partners, bringing significant savings to the country in term of oil import bill, official source said.  The structure of well was delineated, drilled and tested utilizing indigenous expertise.

 Nashpa Well No.02 was drilled down to the depth of 4340 Meter targeting to test the oil and gas potential of Datta, Shinawari, Samanasuk, Lumshiwal, Hangu and Lockhart formations.

 Significant reserves of hydrocarbons have been found at Nashpa Well No. II. The first targeted zone “Datta Sandstone” has been tested and produced 3370 barrels per day of crude oil and 11 MMCFD gas through 32/64” choke at well head flowing pressure 3800 psi.  According to the source, the testing of another four potential reservoir formations will also be undertaken wherein similar encouraging results are expected.  The full flow potential of this well and the extent of the discovery will be determined after completing the testing program.

 Meanwhile, the OGDCL’s net sales increased to Rs 44.686 billion compared to Rs 39.452 billion in the corresponding period last year.  Net profit before taxation increased to Rs 31.098 billion compared to Rs 24.137 billion in the corresponding period last year.

 Net profit after taxation increased to Rs 21.915 billion compared to Rs 16.710 billion in the corresponding period of preceding year translating into an Earnings per Share of Rs 5.10

 Operating profit margin and net profit margin were 64pc and 49% respectively. Payable interim dividend of Rs 1.50 per share

 Average net realized price of crude oil sold was US$ 82.78/bbl as against US$ 61.92/bbl during corresponding period last year.

 Average net realized price for natural gas sold was Rs 218.32/Mcf as against Rs 216.50/Mcf during corresponding period last year. 376 L. Kms of 2D and 191 Sq. Kms of 3D seismic acquisition completed.